January 2011 MPC Meeting Schedule Posted; Hotel Reservation Deadline Nears
The preliminary schedule for the January 10-12, 2011, MPC meeting in Coral Gables, Florida, has been posted to the meeting Web page. It can be found in the "Meeting Resources" section.
The meeting page also offers online registration as well as online hotel reservations. The deadline for reservations at the Hyatt Regency Coral Gables, host hotel for the MPC meeting, is December 20. After that date, NOLHGA can no longer guarantee the special NOLHGA room rate of $199/night plus tax. The hotel is filling up quickly, and we encourage attendees to make their reservations and travel plans as soon as possible.
If you have any trouble accessing the meeting Web page, please contact Sean McKenna at [email protected] or 703.787.4106.
Staff Contact - Sean McKennaLegal Seminar Date and Location Set
The 19th Annual NOLHGA Legal Seminar will be held on July 21-22, 2011, in San Francisco at the Ritz-Carlton, San Francisco. The seminar will be held in conjunction with an MPC meeting scheduled for July 19-20.
NOLHGA has secured a room rate for this meeting of $239/night plus tax at the Ritz-Carlton. Reservations can be made by contacting the hotel at 800.542.8680 and requesting the NOLHGA rate; an online reservation site will be available soon. Please contact Meg Melusen at [email protected] if you have any questions.
Staff Contact - Booker T. Washington/Universal Life Insurance Companies (Alabama)Early Access and Proof of Claim Sent Out
Guaranty associations affected by the liquidation of Universal Life (UL) and Booker T. Washington (BTW) received an opt-out package this week for the Early Access Agreements with BTW and UL approved by the task force and the MPC. Note that the deadline for electing not to participate is December 20, 2010.
In addition, the affected guaranty associations received proof of claim forms provided by the receiver for UL and BTW. To prepare an omnibus proof of claim, NOLHGA asks that each participating association submit its expense data for the reporting period inception through December 31, 2010, through NOLHGA's online proof of claims survey tool. Expenses should be submitted by February 15, 2011.
Task Force Chair - Rusty Haydel; Staff Contact - Executive Life Insurance Company (California)Requests for Defeasance Computation Due by Year-End
As in prior years, any participating guaranty association (PGA) contemplating the possibility of defeasance in 2011 must make a request for a defeasance computation in writing to Aurora before year-end 2010. According to the Enhancement Agreement, Aurora then has 60 days after year-end to calculate the PGA's defeasance amount, and the PGA has until the 150th day after the preceding December 31 (i.e., May 30, 2011) to decide whether to defease. Please note that notices should be sent to the following address:
Aurora c/o CSC Financial Services Group
55 Hartland Street
East Hartford, CT 06108
On December 2, NOLHGA distributed to the PGAs a notice with additional information and a sample defeasance computation request on this subject. The notice also asked that NOLHGA be notified if any PGA is considering defeasance in 2011.
Task Force Chair - Art Dummer; Staff Contact - Bill O'SullivanUpdating Your GA Act Web Page Available
For states considering updating their guaranty association act to be consistent with the NAIC Model Act, NOLHGA's Web site includes a section with a copy of the current Model Act and other helpful information. The section is called "Updating Your GA Act," and it appears under the "Member Resources" menu header once an authorized user has logged in. Please contact Meg Melusen at [email protected] if you have any questions.
Staff Contact -Guaranty Association Law Summaries Updated on NOLHGA's Web Site
NOLHGA has updated its state guaranty association law summary reports through December 1, 2010, to reflect legislative changes that took effect this year. Twenty-three states updated their guaranty association statutes in 2010.
The Guaranty Association Laws section is available under "Facts & Figures" on the homepage of NOLHGA's Web site in addition to being accessible under the "Member Resources" menu header once authorized users have logged in. Users can generate individual state reports by choosing from the "Law Summaries by State" drop-down menu. Alternatively, the summaries can be viewed and printed by selecting a specific report from the "Law Summaries by Provision" drop-down menu, which lists all states by topic. Finally, the Guaranty Association Laws page provides users with state guaranty association contact information as well as links, where applicable, to the state guaranty association's Web site and the corresponding state insurance department's site. Changes or corrections should be submitted to Meg Melusen at [email protected].
Staff Contact -Cunningham Named Virginia Insurance Commissioner
The Virginia State Corporation Commission has appointed Jacqueline K. Cunningham as the state's next Insurance Commissioner, effective January 1, 2011. She replaces Alfred W. Gross, who is retiring. Cunningham has been Deputy Commissioner of the Life and Health Division of the SCC's Bureau of Insurance for more than six years.
Staff Contact - Sean McKennaSpear Named Acting Connecticut Insurance Commissioner
Barbara Spear was appointed Acting Insurance Commissioner by Governor M. Jodi Rell on November 12, 2010. Spear succeeds former Commissioner Thomas R. Sullivan.
In addition to her role as Acting Commissioner, Spear is also the Director of Consumer Services and Business Regulation at the Connecticut Insurance Department. In this role, she oversees the Consumer Affairs Unit, Market Conduct Unit, Licensing Unit, and the Fraud & Investigations Unit. She has 28 years of experience in the property and casualty insurance industry in various roles involving claims and client services at the local, regional, and national levels.
Staff Contact - Sean McKennaRamge Appointed Director of Nebraska Dept. of Insurance
Bruce Ramge has been appointed Director of the Nebraska Department of Insurance by Gov. Dave Heineman, effective November 15, 2010. Ramge succeeds Ann Frohman, who announced in late August that she would leave her post on October 29.
Ramge joined the Nebraska Department of Insurance Market Conduct Division in September 1984. In January 2008, he was appointed Deputy Director of the Nebraska Department of Insurance. He is a member of the NAIC Market Analysis Working Group and chairs the NAIC Market Conduct Examination Standards Working Group.
Staff Contact - Sean McKennaColorado Insurance Commissioner Resigns
The Colorado Department of Regulatory Agencies announced on November 29, 2010, that Insurance Commissioner Marcy Morrison has resigned. John J. Postolowski, Deputy Commissioner of Finance and Administration at the Division of Insurance, was named interim commissioner until Governor-Elect John Hickenlooper appoints a permanent commissioner.
Staff Contact - Sean McKenna